Budget Saudi logs profit in 2019; H2 dividends proposed

Net profits amounted to SAR 178.62 million last year, compared to SAR 170 million in 2018, the company said in a filing to the Saudi Stock Exchange (Tadawul) on Sunday.

The profit growth was ascribed to the improved operational efficiency in the short rental, leading to higher revenue for each vehicle, as well as improved demand for used vehicles with higher market price.

Revenues increased slightly to SAR 1.043 billion in 2019 from SAR 1.041 billion in the previous year.

In addition, the company’s board of directors recommended a cash dividend distribution of 15% of the company’s capital or SAR 1.50 per share for the earnings of the second half of 2019.

Proposed dividends amounted to SAR 106.750 million to be distributed to holders of 71.166 million shares.

Eligibility for dividends will be for registered shareholders at the end of the second trading day following the date of the ordinary general meeting (OGM).

The company’s capital stands at SAR 711.67 million distributed over 71.17 million shares.

It is noteworthy that during the first nine months of 2019, Budget Saudi’s net profits grew by 5.49% to SAR 130.3 million.